Target Market
What is your target market?
A group of consumers who a company aims its’ marketing efforts to. These consumers are identified as potential customers.
Management is the coordination and administration of organizational resources to achieve specific goals efficiently and effectively
What is strategic leadership?
Being a strategic leader means, you are using well thought out plans to meet certain goals and avoid conflict within the workplace.
What is a sole proprietorship?
Business owned by one person. In this type of business the owner is in charge of all day to day aspects of the business.
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, and Threats
What is a market in business?
People in an area that are willing to pay for a specific good or service.
What are the 5 management functions?
Planning, Organizing, Staffing, Directing, and Controlling
What is an Autocratic Leader?
An Autocratic leader is someone who has absolute power and doesn't take others opinions into consideration.
What is a Partnership?
Two or more people operating a business as co-owners, who share all profits. Partnerships usually create a legal agreement on splitting up the day to day aspects of running a business.
What does PEST stand for?
Political, Economic, Social, Technological.
What is the organizational market?
Businesses who purchase goods or services for business use.
Is management an art or science?
A combination of both
Name 2 or more different autocratic leaders that we talked about in class?
Elon Musk, Bill Gates, Queen Elizabeth, King Henry III
What is a corporation?
Many owners but when the owners change, the company does not dissolve. The owners are also known as the shareholders. They then elect a board of people to make company policies, decisions, etc.
What's the difference between internal and external factors in SWOT?
Strengths and Weaknesses are internal.
Opportunities and threats are external.
What is market share?
The portion of the market that is controlled by a particular company or product.
Organizational, Functional, Divisional, Flat, Hierarchical, and Matrix
What is a democratic leader?
A democratic leader is someone who asks for input and considers feedback from their team, before any decisions are made.
What is an LLC?
A type of business ownership where there can be a single or multiple owners, like a partnership, but you have an option to be taxed like a corporation.
What is a key weakness of SWOT analysis itself?
It is subjective and doesn't prioritize factors. A small issue looks the same on paper as a major one.
What are the 4p's?
Promotion, place, price, product
What are the 5 steps in the decision making process?
Identify → Research → Evaluate → Act → Reflect
What is Laissez-Faire?
A policy or attitude of letting things take its own course. Laissez- faire leadership style is more of a hands off approach, allowing workers to feel more freedom and make their own decisions
What is a legal document?
Any written or digital record that establishes enforceable rights, obligations, and relationships.
What is a key limitation of PEST analysis?
It can quickly become outdated, as the external environment changes fast, so a PEST analysis needs to be revisited regularly to stay useful.